Virtual Currency Systems (VCS), a subsidiary of Itex, has started offering licenses for its cloud-hosted virtual currency software platform.
Itex is a marketplace for cashless business transactions, and deploys the solution to power its b2b business model and virtual currency, the ITEX dollar.
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The hosted operating system allows businesses and end users to create a centralised virtual currency model.
The centralised system identifies the amount of currency in circulation, based on the consumer or business customer requirements.
VCS CEO, Steven White, said, "Virtual currencies that supplement cash, check and credit card transactions or are used as promotional or reward tools are increasingly used in a variety of business models.
"As the marketplace becomes more innovative and the acceptance of these currencies grows, VCS is well positioned to support the development of this emerging industry."
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By GlobalDataWhite added, "Our virtual currency platform is hosted on Windows Azure, a global cloud platform that offers the scalability and reliability that VCS requires to run efficiently."
